American National Insurance Company is engaged in life insurance, annuities, and property and casualty insurance. The Company also offers limited health insurance. The Company provides personalized service to approximately six million policyholders throughout the United States, the District of Columbia, and Puerto Rico. The Company's family of companies includes six life insurance companies, eight property and casualty insurance companies, and various non-insurance subsidiaries. The Company's business segments include Life, Annuity, Health, Property and Casualty, and Corporate and Other.

Life

The Company's Life segment products include Whole Life, Term Life, Universal Life, Variable Universal Life and Credit Life Insurance. Whole life products provide benefit upon the death of the insured in return for the periodic payment of a fixed premium over a predetermined period. Premium payments may be required for the entire life of the contract period to a specified age or period and may be level or change in accordance with a predetermined schedule. Term life products provide benefit upon the death of the insured for a specified time period in return for the periodic payment of premiums. Coverage periods typically range from 1 year to 30 years but in no event are they longer than the period over, which premiums are paid.

Universal life insurance products provide coverage through a contract that gives the policyholder flexibility in premium payments and coverage amounts. Universal life products may allow the policyholder, within certain limits to increase or decrease the amount of death benefit coverage over the term of the contract and to adjust the frequency and amount of premium payments. Universal life products are interest rate sensitive. Equity-indexed universal life products have the same features as the universal life products, but also provide an opportunity for policyholders to earn additional return through credited interest tied to the performance of the stock index. Variable universal life products provide insurance coverage on a similar basis as universal life, except that the policyholder bears the investment risk because the value of the policyholder's account balance varies with the investment experience of the securities held in the separate account investment options selected by the policyholder. Credit life insurance products are sold in connection with a loan or other credit account. Credit life insurance products are designed to pay off the borrower's remaining debt to the lender on a loan or credit account if the borrower dies during the coverage period.

Annuity

The Company's Annuity segment products include Deferred Annuity, Single Premium Immediate Annuity (SPIA) and Variable Annuity. Deferred annuity is an asset accumulation product. Deposits are received as a single premium deferred annuity or in a series of payments for a flexible premium deferred annuity. Deposits are credited with interest at rates determined by the Company, subject to policy minimums. For certain limited periods of time, usually from 1 to 10 years, interest rates are guaranteed not to change. Deferred annuities usually have surrender charges that begin at issue and reduce over time and may have market value adjustments that can have a positive or negative effect on any surrender value. An equity-indexed deferred annuity is credited with interest using a return that is based on changes in an index, such as the S&P 500 Composite Stock Price Index, subject to a specified minimum. SPIA is purchased with one premium payment providing periodic (usually monthly or annual) income payments to the annuitant for a specified period, such as for the remainder of the annuitant's life. Return of the original deposit may not be guaranteed depending on the terms of the annuity contract. In a variable annuity, the policyholder bears the investment risk because the value of the policyholder's account balance varies with the investment experience of the securities held in the separate account investment options selected by the policyholder. These products have no guaranteed minimum withdrawal benefits.

Health

The Company's Health segment products include Medicare Supplement, Supplemental Insurance, Stop-Loss, Credit Disability and Medical Expense. Medicare Supplement insurance is a type of private health insurance designed to supplement or pay the costs of certain medical services not covered by Medicare. Supplemental insurance is designed to provide supplemental coverage for specific events or illnesses, such as cancer and accidental injury or death. Stop-loss coverage is used by employers to limit their exposure under self-insurance medical plans. Stop-loss coverage consists of over two coverages, including Specific Stop-Loss, which provides coverage when claims for an individual reach a threshold, after the threshold is reached, the policy reimburses claims paid by the employer up to a coverage limit for each individual, and Aggregate Stop-Loss, which reimburses the employer once the group's total paid claims reach a threshold. Specific Stop-Loss and Aggregate Stop-Loss are offered concurrently. Credit disability (also called credit accident and health) insurance pays a limited number of monthly payments on a loan or credit account if the borrower becomes disabled during the coverage period. Medical expense insurance covers health expenses, including hospitalization, surgery and outpatient services (excluding dental and vision costs). The Company's existing contracts in this category are in run-off.

Property and Casualty

The Company's Property and Casualty segment products include Personal Lines, Commercial Lines and Credit-Related Property Insurance products. Personal lines include insurance policies issued to individuals for auto, homeowners and other exposures. Auto insurance covers specific risks involved in owning and operating an automobile. Homeowner insurance provides coverage that protects the insured's property against loss from perils. Other personal insurance provides coverage for property, such as boats, motorcycles and recreational vehicles. Commercial lines include agricultural business insurance. This includes property and casualty coverage for a farm, ranch, vineyard or other agricultural business, contractors and business within rural and suburban markets. Commercial auto insurance is typically issued in conjunction with the sale of the Company's agricultural business insurance and covers specific risks involved in owning and operating vehicles. Other commercial insurance is offered along with its agricultural business and encompasses property, liability and workers' compensation coverages.

The Company also offers credit insurance products: Collateral or Creditor Protection Insurance (CPI) and Guaranteed Auto Protection or Guaranteed Asset Protection (GAP). CPI provides insurance against loss, expense to recover, or damage to personal property (typically automobiles and homes) pledged as collateral resulting from fire, burglary, collision or other loss occurrence that would either impair a creditor's interest or adversely affect the value of the collateral. The coverage is purchased from the Company by the lender according to the terms of the credit obligation and charged to the borrower by the lender when the borrower fails to provide the required insurance. GAP insures the excess outstanding indebtedness over the primary property insurance benefits that may occur when there is a total loss to or an unrecovered theft of the collateral. GAP can be written on a variety of assets that are used as collateral to secure credit, however, it is commonly written on automobiles.

Corporate and Other

The Company's Corporate and Other segment consists of its invested assets that are not used to support insurance activities. The segment also includes its non-insurance subsidiaries, such as its limited investment advisory services.

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